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Sarbanes Oxley
Act |
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SEC. 804.
STATUTE OF LIMITATIONS FOR SECURITIES FRAUD.
(a) IN GENERAL.Section
1658 of title 28, United States Code,
is amended
(1) by
inserting (a) before Except; and
(2) by adding
at the end the following:
(b)
Notwithstanding subsection (a), a private
right of action
that involves
a claim of fraud, deceit, manipulation, or
contrivance
in
contravention of a regulatory requirement
concerning the securities
laws, as
defined in section 3(a)(47) of the Securities
Exchange
Act of 1934
(15 U.S.C. 78c(a)(47)), may be brought not
later than
the earlier
of
(1) 2 years
after the discovery of the facts constituting
the
violation; or
(2) 5 years
after such violation..
(b) EFFECTIVE DATE.The
limitations period provided by section
1658(b) of
title 28, United States Code, as added by this
section,
shall apply to all proceedings addressed by
this section
that are
commenced on or after the date of enactment of
this
Act.
(c) NO CREATION OF
ACTIONS.Nothing in this section
shall
create a new,
private right of action.
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